<a id="pl.1.3"></a><var>1.3</var>amending Minnesota Statutes 2008, section 103D.335, subdivision 17.<br/>
<a id="pl.1.4"></a><var>1.4</var>BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:<br/>
<br/>
<a id="bill.0.1.0"></a><a id="pl.1.5"></a><var>1.5</var>    Section 1. Minnesota Statutes 2008, section 103D.335, subdivision 17, is amended to <br/>
<a id="pl.1.6"></a><var>1.6</var>read:<br/>
<a id="pl.1.7"></a><var>1.7</var>    Subd. 17. <b>Borrowing funds.</b> (a) The managers may borrow funds from an agency <br/>
<a id="pl.1.8"></a><var>1.8</var>of the federal government, a state agency, a county where the watershed district is located <br/>
<a id="pl.1.9"></a><var>1.9</var>in whole or in part, or a financial institution authorized under chapter 47 to do business <br/>
<a id="pl.1.10"></a><var>1.10</var>in this state. A county board may lend the amount requested by a watershed district. A <br/>
<a id="pl.1.11"></a><var>1.11</var>watershed district may not have more than a total of $600,000 in loans from counties and <br/>
<a id="pl.1.12"></a><var>1.12</var>financial institutions under this subdivision outstanding at any time.<br/>
<a id="pl.1.13"></a><var>1.13</var>(b) Notwithstanding paragraph (a), a watershed district may have up to a total <br/>
<a id="pl.1.14"></a><var>1.14</var>of $2,000,000 in loans from counties and financial institutions under this subdivision <br/>
<a id="pl.1.15"></a><var>1.15</var>outstanding at any time if the taxable market value of property within the watershed <br/>
<a id="pl.1.16"></a><var>1.16</var>district is more than $500,000,000.<br/>